To The Moon

BP's Chairman Helge Lund will step down some time next year, as activist investor Elliott Management pushes for changes at the British oil major.The British energy company said Friday that it has started the search for Lund's replacement, whom he will work with to ensure an orderly transition process.Lund's departure comes as activist investor Elliott Investment Management is pushing for significant changes at the company.The U.S. hedge fund is known for pressuring companies to fire management, break apart and spin off businesses, all in the service of increasing shareholder returns.Since Elliott's stake was first reported, Lund's position has been regarded as vulnerable given he was a backer of BP's now jettisoned low-carbon strategy.Elliott--which is widely reported to have built an around 5% stake in the oil major--was dissatisfied with BP's strategic reset in February, believing it lacked urgency and ambition, Bloomberg reported at the time, citing unnamed sources.In a move to redu

Singapore prosecutors told a court on Thursday that a case in which Singapore-based firms have been accused of fraudulently supplying U.S. servers to Malaysia involves transactions worth $390 million.